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Nov 13, 2012
11/12
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cliff issue because we are not fiscal cliff is not going to happen. okay. simply is not going to happen. so -- to me, the focus ought to be on solvency and if we can deal with that and take a big step out of that, big step towards solving that, during this december, i agree with you. i think the markets are going to take off and i think that -- from an outside perspective, things are undervalued if we do that. >> thanks, senator corker, terrific stuff. >>> in a health care summit two years ago when senator mccain challenged president obama on policy, obama offered this in response. >> let me just make this point, john. because we are not campaigning anymore. the election is over. >> all right. but the question is today is it the new obama? some worry about his fiscal and economic legacy. the legacy question. let's bring in democratic vat gist steve mcmahon and grover norquist. is president obama worried about his legacy? will that make him more amenable to make a deal? >> well, i think every president thinks about their legacy. especially any presiden
cliff issue because we are not fiscal cliff is not going to happen. okay. simply is not going to happen. so -- to me, the focus ought to be on solvency and if we can deal with that and take a big step out of that, big step towards solving that, during this december, i agree with you. i think the markets are going to take off and i think that -- from an outside perspective, things are undervalued if we do that. >> thanks, senator corker, terrific stuff. >>> in a health care summit...
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Nov 29, 2012
11/12
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fuel will youly lost sea. >>> now, litz listen to, this fiscal cliff or no fiscal cliff, your taxes will probably go up anyway. it's all because of obama. >> the economy, slam investors and triple capitalism. say no to nationalized health care system, no to blanket tax increases and that means let low. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. with scottrader streaming quotes, any way you want. fully customize it for your trading process
fuel will youly lost sea. >>> now, litz listen to, this fiscal cliff or no fiscal cliff, your taxes will probably go up anyway. it's all because of obama. >> the economy, slam investors and triple capitalism. say no to nationalized health care system, no to blanket tax increases and that means let low. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is...
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Dec 1, 2012
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cliff really a fiscal slope. if they come to a compromise the politicians in washington, both republicans and democrats are going to reduce the size of deficit reduction dramatically. my argument will be let's go right down that fiscal slope. let's raise the revenue and make the cuts that have to be made which nobody in washington is willing to make. and let's take a big bite out of the deficit and restore confidence to our markets. >> that's going to kill the economy. this is one of the things i agree with. >> it will not kill the economy. >> if you do those tax increases it will. >> i want to make sure. this is a little different point. i hear you on the fiscal cliff, howard. i appreciate respect of you as much as i may disagree. what's really at stake here, one of the things at stake here, steve moore, is the idea that changing taxes, for example raising tax rates on capital and dividend and private equity firms and individuals and small business, that that doesn't matter. and what i'm saying is, when you see
cliff really a fiscal slope. if they come to a compromise the politicians in washington, both republicans and democrats are going to reduce the size of deficit reduction dramatically. my argument will be let's go right down that fiscal slope. let's raise the revenue and make the cuts that have to be made which nobody in washington is willing to make. and let's take a big bite out of the deficit and restore confidence to our markets. >> that's going to kill the economy. this is one of the...
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Nov 22, 2012
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we don't want a deal on the fiscal cliff, we want a good deal on the fiscal cliff. >> right. now this is really key. first of all, i want it say one thing, regarding ben bernanke and his monetary safety net and he did say yesterday that he didn't think monetary policy could offset a fiscal cliff recession. i don't want to get into a lot of fed watching. i'm just saying, i'm not sure the federal reserve will do much more. maybe they will, maybe they won't. now regarding good deals versus bad deals, this is where i disagree with some of think kol a colleagues here. maybe you do too. if this is deal that jacks up tax rates, the capital gains rate, dividend rate, if it has a millionaire surtax as senator collins said, that's not such a hot deal. how would they react to a high tax on investor type of deal. >> they limit investments. they make investments less attractive. the stock market doesn't want a big raise on capital gains and dividends. the stock market is okay with a small one. the best is the 39% ordinary income tax hike. but essentially leave dividends and capital gains
we don't want a deal on the fiscal cliff, we want a good deal on the fiscal cliff. >> right. now this is really key. first of all, i want it say one thing, regarding ben bernanke and his monetary safety net and he did say yesterday that he didn't think monetary policy could offset a fiscal cliff recession. i don't want to get into a lot of fed watching. i'm just saying, i'm not sure the federal reserve will do much more. maybe they will, maybe they won't. now regarding good deals versus...
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Jul 23, 2012
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america could drive off a fiscal cliff into a recession. nutty, we'll get into it in a moment and the inspector general who oversaw the t.a.r.p. bank bailout says the banking system is rigged in favor of wall street banks over main street taxpayers and that nothing is being done about it. first up, troubling uh news for president obama tonight. a new poll finds that 60% -- 66% of americans say bad policy has caused a bad e economy. who's to blame? 34% point the finger at obama followed by congress, wall street and last former president george w. bush. the romney campaign hopes to bounce on this and voter angs. listen to what he told me earlier today. >> i think the president made an error coming into office and deciding that the economy would take care of itself. he focused his energy on liberal plans he and his friends have been working on a at a time we should have been focused on getting the economy going and only encouraged job creation. most of the measures the president pursued hurt job creation. as a result we are still suffering. >>
america could drive off a fiscal cliff into a recession. nutty, we'll get into it in a moment and the inspector general who oversaw the t.a.r.p. bank bailout says the banking system is rigged in favor of wall street banks over main street taxpayers and that nothing is being done about it. first up, troubling uh news for president obama tonight. a new poll finds that 60% -- 66% of americans say bad policy has caused a bad e economy. who's to blame? 34% point the finger at obama followed by...
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Jul 12, 2012
07/12
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the other comment he's made were on the fiscal cliff. he said the existence of something like a cliff is merely causing spookiness to go into the economy. it spooks investors and he called it a disaster, the behavior in washington and a failure to reach a solution all this time is just unacceptable and is a real, real detriment to american business. we'll have the full extended comments from schmidt tomorrow on "squawk box." that's the latest from sun valley. >> thanks, kayla tausche. i think he got that completely right. now, as we head toward the election, much of the rhetoric dealing with wealth has a populous feel to it. you'd be surprised about how americans really feel about the wealthy. >> you said it earlier, the americans are aspirational, they admire the wealthy. judging from the headlines, you'd think that the wealthy were losing. in fact a new poll shows americans may not be buying all this class warfare. a survey from globescan found that 58% of americans say the rich deserve their wealth. that's higher than it was in 2008 b
the other comment he's made were on the fiscal cliff. he said the existence of something like a cliff is merely causing spookiness to go into the economy. it spooks investors and he called it a disaster, the behavior in washington and a failure to reach a solution all this time is just unacceptable and is a real, real detriment to american business. we'll have the full extended comments from schmidt tomorrow on "squawk box." that's the latest from sun valley. >> thanks, kayla...
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Jun 14, 2012
06/12
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nothing to help us get out of the recession their tax cliff. fiscal cliff. mr. president, what are you doing? just spending our money and trying to tax rich people and small business owners to pay for it. i don't get it. let's talk. cnbc contributor and former vermont governor howard dean will have something to say about this and and bernie marcus, cofounder of the home depot will have something to say about this. howard dean, even the press is blogging what a lousy speech it was. the same old big government. greece came to ohio today. obama doesn't read the newspapers, he doesn't get it. soon the fed will have to pour liquidity into ohio to bail us out. >> wall street liked it, didn't they? mitt romney just proposed a $5 trillion deaf sichlt bush 3 economics. he's going to cut taxes and not pay for them. that's what george w. bush did. barack obama proposed a balanced budget. spending has gone unless under barack obama than under any previous president since before ronald reagan. that's a fact. i think the president is doing great. he's going to win ohio and th
nothing to help us get out of the recession their tax cliff. fiscal cliff. mr. president, what are you doing? just spending our money and trying to tax rich people and small business owners to pay for it. i don't get it. let's talk. cnbc contributor and former vermont governor howard dean will have something to say about this and and bernie marcus, cofounder of the home depot will have something to say about this. howard dean, even the press is blogging what a lousy speech it was. the same old...
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Oct 26, 2012
10/12
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bernanke is the fiscal cliff. once it's solved and they will pull back you'll see m2 which is rising at 8% in the last six weeks, 7% year-over-year. that will take off. you're destroying the purchasing power of the middle class. that's not the way to grow an economy. >> is michael pinto right? is there an inflation threat inside this number. he's referring to the gdp figure 2%. the prior quarter was 1.5%. >> since this recession ended we've only had three quarters in which nominal gdp has been 5% or better. i don't think the fed is creating inflation but i would agree with michael and i've been critical of the fed in many ways is not calibrated to the likely outcome of the economy and if growth does accelerate next year the fed will have a problem because i don't see them being able to unwind that portfolio as easy as they say they can. >> joe forget about unwinding the portfolio, charles evans inti made it about qe 4. qe3 was bouncing around -- the echos of qe3. >> evans said that the operation twist which is 45
bernanke is the fiscal cliff. once it's solved and they will pull back you'll see m2 which is rising at 8% in the last six weeks, 7% year-over-year. that will take off. you're destroying the purchasing power of the middle class. that's not the way to grow an economy. >> is michael pinto right? is there an inflation threat inside this number. he's referring to the gdp figure 2%. the prior quarter was 1.5%. >> since this recession ended we've only had three quarters in which nominal...
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Dec 27, 2012
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the fiscal cliff. yes, people know what the fiscal cliff is outside of this arena. and the third is unseasonably warm weather. >> what about newtown? did that -- >> hard for us -- it had to have. i mean -- that's not something that we can monitor but common sense indicates -- retailers are saying that oh, my god, it did impact us. why not? and that wasp just in the northeast. that was across america. >> right. >> it was devastating. put them all together and it was challenge. >> i bet it made a lot of parents rethink material. >> absolutely. one would think. yes. >> now what? even if you see a pickup in sales afterwards everything has been discounted. this is not that good anymore. >> it is not as bad as you think. a lot of the discounts with retailers was planned. they planned it before they even went into the season. and it depends, too. now, the week after christmas -- >> my point is if -- the sweater full price before christmas, and now you del stay purchase and you buy it 75% off after christmas, it is a lower margin. >> yes. absolutely. but some of these retai
the fiscal cliff. yes, people know what the fiscal cliff is outside of this arena. and the third is unseasonably warm weather. >> what about newtown? did that -- >> hard for us -- it had to have. i mean -- that's not something that we can monitor but common sense indicates -- retailers are saying that oh, my god, it did impact us. why not? and that wasp just in the northeast. that was across america. >> right. >> it was devastating. put them all together and it was...
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Nov 9, 2012
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nobody wants to go over the fiscal cliff. it's ridiculous. >> certainly that's one of the stock market, right, post-election. it's an important point you made, mr. boehner saying revenues could be on the table. is that a republican concession? and if it is a republican concession, what do you all want from the democrats as their concession? >> well, i think it's how these things are characterized. many times. you know, in the debate between mitt romney and barack obama, obama laid out this notion that somehow romney was not in favor of any more revenues and romney debunked that and said, look, we're in favor of revenues, and i think he was largely speaking for the republican party at that point. we're in favor of more revenues. the ryan budget, for example, had revenue assumptions in it. so i think what's got to happen is that both sides have to let the other team take a victory lap. let republicans come into this debate where we keep tax rates low and reasonable and predictable and drive toward tax reform next year. democrat
nobody wants to go over the fiscal cliff. it's ridiculous. >> certainly that's one of the stock market, right, post-election. it's an important point you made, mr. boehner saying revenues could be on the table. is that a republican concession? and if it is a republican concession, what do you all want from the democrats as their concession? >> well, i think it's how these things are characterized. many times. you know, in the debate between mitt romney and barack obama, obama laid...
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Dec 22, 2012
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so, will the fiscal cliff solve in ten days? i know there's a deal out there some place it may not be until january, but let's ask our free market friday panel what they think. we have the columnist for the hill and former dnc communications director katie pavlitz. and mr. greenhaus is going to stay with us. all right, katie. first of all, obama basically said in ten days we can get a deal, it sounds like a small deal, 250,000 is the middle class threshold after mr. boehner's plan "b" got defeated. is such a thing possible? or will we have to wait until the new year? >> we're probably going to have to wait until the new year, unless, of course, president obama comes back with this new plan -- the original plan that he had, which as you mentioned the $250,000 threshold. the fact is that boehner and obama's proposals really aren't that far apart right now. president obama wants $1 trillion in new taxes, john boehner has said he's willing to give $1 trillion. obama said he wants $800 billion in spending cuts, same thing for boehner
so, will the fiscal cliff solve in ten days? i know there's a deal out there some place it may not be until january, but let's ask our free market friday panel what they think. we have the columnist for the hill and former dnc communications director katie pavlitz. and mr. greenhaus is going to stay with us. all right, katie. first of all, obama basically said in ten days we can get a deal, it sounds like a small deal, 250,000 is the middle class threshold after mr. boehner's plan "b"...
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Nov 20, 2012
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>> like we're not dependent on the fiscal cliff enough. if you look at various scenarios, a full can cliff. you go anywhere from no mathematical impact up to 4% or so impact on gdp. that will immediately affect earnings. i think the range could go from up a decent amount to probably down double digits. answer the question on what happens with the cliff and i'd have a better sense of what happens with earnings. >> if you can't answer the question, i want you both to weigh in on this. >> that's the problem. and i think a lot -- there is a lot of criticism that analysts are whistling past the graveyard. that may be the case. i don't know that they are in lalaland. i think much like businesses that are holding back on capex and hiring until they figure out what the playing field looks like, i think analysts are doing the same thing. i think it will be a resetting. it may not be bad but we're not there yet. so i think analysts are digging our heels in. >> i don't think anybody knows or can know right now. maybe we will know 12:00 midnight. do y
>> like we're not dependent on the fiscal cliff enough. if you look at various scenarios, a full can cliff. you go anywhere from no mathematical impact up to 4% or so impact on gdp. that will immediately affect earnings. i think the range could go from up a decent amount to probably down double digits. answer the question on what happens with the cliff and i'd have a better sense of what happens with earnings. >> if you can't answer the question, i want you both to weigh in on this....
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Sep 10, 2012
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will they do anything to avoid a fiscal cliff recession? good evening, i'm larry kudlow. this is the kudrow report. our top story tonight as america races towards the fiscal cliff, the do nothing congress returns to doing nothing? maybe not. we'll talk. meanwhile, president obama in an interview with cnbc says he would be willing to compromise on a budget deal, willing to give 2 $1/2 of spending cuts for every dollar in tax revenue. so is this a presidential compromise to avoid the cliff or just election year politicking? >>> also tonight, team romney sends out a booster e-mail to supporters. the first line, don't get too worked up about the latest polling. question, is obama winning the battle of the convention bounce? we'll look at how both team romney and team obama's fight to the finish will be played out in seven battleground states where the spread is in the margin of error territory. >>> also this evening, another worrisome sign for the economy, consumer credit shrank by more than $3 billion in july, americans are spending less, markets are basically sideways today
will they do anything to avoid a fiscal cliff recession? good evening, i'm larry kudlow. this is the kudrow report. our top story tonight as america races towards the fiscal cliff, the do nothing congress returns to doing nothing? maybe not. we'll talk. meanwhile, president obama in an interview with cnbc says he would be willing to compromise on a budget deal, willing to give 2 $1/2 of spending cuts for every dollar in tax revenue. so is this a presidential compromise to avoid the cliff or...
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Nov 27, 2012
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are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good evening, laurie, and i think we are getting somewhat closer, and the white house would count it as good news that you found common cause with their report on the impact of fiscal spending. let's talk for a moment about what's happened on the fiscal cliff by the numbers since that early constructive meeting with the congressional leaders and the president. the numbers are all one. there's one month left for these leaders to figure it out. two, 1.4 it is is the amount to be shaved off by gdp and one is the amount of trillions of dollars that democratic aides, senior democratic aides tell me is necessary to get a deal wit end of the year with the remaining 3 trillion of savings coming in the early part of next year, ants finally one is the number of phone calls made over the weekend between president obama and house speaker john boehner so there hasn't been a lo
are we any closer to a tax and fiscal cliff fix? cnbc's own chief washington correspondent john harwood joins us now with all the details. good evening, john. >> reporter: good evening, laurie, and i think we are getting somewhat closer, and the white house would count it as good news that you found common cause with their report on the impact of fiscal spending. let's talk for a moment about what's happened on the fiscal cliff by the numbers since that early constructive meeting with the...
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Dec 6, 2012
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we do not want to go off the fiscal cliff. that's why we quickly responded to another proposal to the president. but the president refused to have a discussion. >> there's other reports that say republicans are looking for a fallback position, if he can't get the capps on deductions for more tax revenues and so forth. and it's going to be tax rates that the republicans might just vote present. some might vote present. some might vote aye and deal with the rates next year is. that just pure press speculation or is there anything to it? >> look, those are all press stories that are out there. we're trying to solve a problem. because if that came to fruition, that does nothing to solve the problem. and we just have an unbelievable amount of growth in government where we have to control the spending. if we want to truly save medicare and social security, we've got to do something about it. that's what republicans have been proposing all along. we want to solve a problem once and for all. and that's why we haven't waited -- it's in
we do not want to go off the fiscal cliff. that's why we quickly responded to another proposal to the president. but the president refused to have a discussion. >> there's other reports that say republicans are looking for a fallback position, if he can't get the capps on deductions for more tax revenues and so forth. and it's going to be tax rates that the republicans might just vote present. some might vote present. some might vote aye and deal with the rates next year is. that just...
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Oct 24, 2012
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the fiscal cliff was a creation of washington. they put in place these temporary timely targeted policies. and now they're somehow shocked that six weeks after an election the bill is coming due. >> let's go, i want to talk political economy, if you will. if there is a president romney, a new president, a lot of people -- we hear this on cnbc quite a bit. they're wondering, does he have, would he have any impact on the fed and the zero interest rate policy? and it's worth asking because of course, a, you were in the thick of it for so many years. but b, romney has been critical of qe and he has been critical of the zero interest rate. and he has said on several occasions he would not reappoint bep bernanke if it came down to that. bernanke's term ends in 2014. now, for novices out there and maybe for me too, what leverage does a new president have on the fed? >> so a couple things. first, chairman bernanke's term is expected to go about a year after then president romney would be inaugurated in your assumption. i have every expect
the fiscal cliff was a creation of washington. they put in place these temporary timely targeted policies. and now they're somehow shocked that six weeks after an election the bill is coming due. >> let's go, i want to talk political economy, if you will. if there is a president romney, a new president, a lot of people -- we hear this on cnbc quite a bit. they're wondering, does he have, would he have any impact on the fed and the zero interest rate policy? and it's worth asking because...
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Sep 11, 2012
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i agree the fiscal cliff is very dangerous and most economists looking at that fiscal cliff saying we cannot have those huge tax increases saying it will bring on a recession. the irony here is moody's potential downed grade and threatened down grade has to do with moving too quickly to reduce the deficit through that fiscal cliff. that's what they're worried about. this is very different from moody's last year and certainly different from standard & poor's where they were worried about the failure to reach a deal for the budget deficit. we have a deal. that's what congress did. there was a budget control act and we have this fiscal cliff as a result. >> would you sponsor -- would you argue, robert reich, that we should raise taxes, not only the tax rates that will go up across the board but raise taxes, take about $440 billion out of the econo economy? as a good keynesian, how can you possibly support that? >> as a good keynesian or good citizen concerned about the economy, i would say the best thing to do is not have any budget cuts at all until we reach some sort of consensus about
i agree the fiscal cliff is very dangerous and most economists looking at that fiscal cliff saying we cannot have those huge tax increases saying it will bring on a recession. the irony here is moody's potential downed grade and threatened down grade has to do with moving too quickly to reduce the deficit through that fiscal cliff. that's what they're worried about. this is very different from moody's last year and certainly different from standard & poor's where they were worried about the...
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Jun 7, 2012
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can we avoid the fiscal cliff and the lame duck congress? i don't know how investors, i don't know how men and women in business are going to react to that, but i don't think they're going to be thrilled about it. and i think people in the senate, the house, may try to rush the process, but speaker boehner's probably right. it takes two to tango and you can't get it done unless he works with president obama on common ground. i worry about this story. i think it's got a disappointing theme to it. we'll see how it ends after the election. anyway, up next on "kudlow," let's go to ben bernanke. he says all the options are on the table when it comes to the u.s. economy, but the message from congress today was loud and clear -- less is more. take a listen. >> i wish you would take a third round off the table. i wish you would look the market in the eye and say, the fed has done all it can, perhaps too much. i wish you'd look at this president in congress in the eye and say, it is time to do your job. >> all right. well, the man who helped bernanke
can we avoid the fiscal cliff and the lame duck congress? i don't know how investors, i don't know how men and women in business are going to react to that, but i don't think they're going to be thrilled about it. and i think people in the senate, the house, may try to rush the process, but speaker boehner's probably right. it takes two to tango and you can't get it done unless he works with president obama on common ground. i worry about this story. i think it's got a disappointing theme to...
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Jun 11, 2012
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it's the potential of the fiscal cliff. ryan lizzo of the new yorker magazine says sources say if president obama doesn't get the deal he wants on the cliff then we'll have all the tax cuts will expire and we will, in fact, have a massive recession. i don't know if you saw that piece. it's all over the place. this is obama being his most stubborn and i think silly on the economy. >> he really is, larry. he's driving his own truck into a ditch here. no wonder he's talking about europe. anything within his control he doesn't want to do, doesn't know how to do or wants to do thing it is american people don't want. why don't we borrow more billions? have another stimulus, another after that and another after that. have we not spend enough money? have we not gone into debt enough under this president? it's absurd. it e it's not common sense. i think he'll have difficulty explaining the rest of his idea which is the road to prosperity is bigger government, hiring more civil servants. that's not accurate and not a mess sang the am
it's the potential of the fiscal cliff. ryan lizzo of the new yorker magazine says sources say if president obama doesn't get the deal he wants on the cliff then we'll have all the tax cuts will expire and we will, in fact, have a massive recession. i don't know if you saw that piece. it's all over the place. this is obama being his most stubborn and i think silly on the economy. >> he really is, larry. he's driving his own truck into a ditch here. no wonder he's talking about europe....
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Sep 24, 2012
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so what the market has priced in is that we're not going to go over the fiscal cliff. that would be one thing that would really concern me, and we have basically fiscal policy going against monetary policy, the two biggest forces in any economy. they are head to head right now. if we can get a little bit of movement on the fiscal cliff, that would be positive for stocks. >> as quick as you possibly can, two additional country risks, europe and china. hell, we're covering a story tonight, china factory workers are in rebellion against their bosses and against the communist government and against everybody. the economy stinks. they are not getting their wage increases that they want. what kind of risk is that? >> i think it's a minimal risk at this point. the export-driven economy trying to transits into a domestic consumption economy. going to be bumps along the road, but i'm not worried about that. >> you haven't said anything about europe. you okay with europe? >> i'm long european stocks. i love them. i think the tail risk is began. >> all right. great stuff. fascina
so what the market has priced in is that we're not going to go over the fiscal cliff. that would be one thing that would really concern me, and we have basically fiscal policy going against monetary policy, the two biggest forces in any economy. they are head to head right now. if we can get a little bit of movement on the fiscal cliff, that would be positive for stocks. >> as quick as you possibly can, two additional country risks, europe and china. hell, we're covering a story tonight,...
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May 23, 2012
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weep need to continue to grow that and that goes right into the fiscal cliff issues. we both care deeply about that. we have perhaps different ideas on the revenue mix from tax reform or spending cuts that need to be made. but the third leg of that stool is going to be not only cutting taxes or cutting spending and raising revenues but you got grow the economy. if we're talking about creating joshs this is one way to do it. >> that is not the kind of solution we need to keep us off this cliff that is coming at the eastbound of this ye-- end of t year. >> we need to get our budget into line to balance. that's the reason i got interested in trying to figure out how to grow the economy is because i looked at this administration and this congress and you saw the president's budget proposal, the failure of the gang of six, the failure of the select committee, everything you look at whale i've been a member of the senate, a little over a year, there's been those who have tried including senator warner, but we have done next to something to solve the financial problems. a wa
weep need to continue to grow that and that goes right into the fiscal cliff issues. we both care deeply about that. we have perhaps different ideas on the revenue mix from tax reform or spending cuts that need to be made. but the third leg of that stool is going to be not only cutting taxes or cutting spending and raising revenues but you got grow the economy. if we're talking about creating joshs this is one way to do it. >> that is not the kind of solution we need to keep us off this...
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Dec 14, 2012
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fiscal cliff or not. okay, now, let's talk to former federal reserve governor randy crosner, an economics professor at the university of chicago's booth school of business. as always, welcome back, and i wish you happy holiday. right off the top, randy, let me just try to get right to it. yesterday the fed announced some major changes in policy. okay, some folks are worried about rising interest rates and especially consumers may be looking at refinancing their mortgages or a home improvement loans or automobile loans. what's your take, did the fed tell us yesterday that interest rates are going up higher faster? >> that's not what they were trying to say. i think some people may have interpreted it that way. but what they were trying to say is we really want to be -- to use a phrase, perfectly clear about when we think we're going to start to reduce accommodation. that means we're going to wait at least, at least until the unemployment rate gets down to 6.5%, which could be quite some time, probably 2015
fiscal cliff or not. okay, now, let's talk to former federal reserve governor randy crosner, an economics professor at the university of chicago's booth school of business. as always, welcome back, and i wish you happy holiday. right off the top, randy, let me just try to get right to it. yesterday the fed announced some major changes in policy. okay, some folks are worried about rising interest rates and especially consumers may be looking at refinancing their mortgages or a home improvement...
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Dec 20, 2012
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the fiscal cliff, gun control in detroit dominating the news. >> there's no question about it. if you want a deal on the fiscal cliff, today was a very bad day. only duelling press conferences. no progress behind the scenes. we'll talk about it a a few minutes. >> i'm hampton pierce earson. >> and gm shares got a nice pop. is this the end of government motors. "the kudlow report" starts right now. >>> first up tonight is president obama and house speaker john boehner escalate their war of words, new signs the fiscal cliff talks are on the brink of collapse. chief washington correspondent john harwood joins us from washington with the details. i look away for two seconds, john, and everything's falling astart. >> it looked a couple of days ago as if the two sides were getting closer. when president obama had a news conference at the white house today, he came out to talk about gun control measures in the wake of the connecticut tragedy, but the questions were mostly focused on the fiscal cliff. the president said he couldn't understand why john boehner was detouring to plan b be
the fiscal cliff, gun control in detroit dominating the news. >> there's no question about it. if you want a deal on the fiscal cliff, today was a very bad day. only duelling press conferences. no progress behind the scenes. we'll talk about it a a few minutes. >> i'm hampton pierce earson. >> and gm shares got a nice pop. is this the end of government motors. "the kudlow report" starts right now. >>> first up tonight is president obama and house speaker...
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Oct 18, 2012
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do you think romney will say you're going to foster a recession with your attitude on this fiscal cliff? >> look at the attitude on the campaign trail, romney has a debt clock behind him, he's with boehner all the time, he wants to talk about the debt. >> i don't want to talk about debt, i want to talk about growth, growth, growth. >>> paul ryan says the president wants us to have four more years of the same, can we afford it? the numbers out from the congressional research service, they show that federal and state governments combined have spent $1.03 trillion on welfare. it's a 32% increase in federal spending on welfare just since fiscal year 2008. we need to talk about this. i'm now joined by john berenstein, and douglas eken who's president of the american action forum. >> this kind of numbers, it bankrupting the government, it's ruining the work ethic of the country and they're trying to buy the election, just like fdr, spend and spend. buy and buy. >> first of all, let's be clear, when you say welfare, a lot of people probably think of cash benefits to poor people. that's actuall
do you think romney will say you're going to foster a recession with your attitude on this fiscal cliff? >> look at the attitude on the campaign trail, romney has a debt clock behind him, he's with boehner all the time, he wants to talk about the debt. >> i don't want to talk about debt, i want to talk about growth, growth, growth. >>> paul ryan says the president wants us to have four more years of the same, can we afford it? the numbers out from the congressional research...
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Jun 6, 2012
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talking about fixing the fiscal cliff. they created a firestorm on capitol hill. take a listen. >> i would make the same argument. the same argument that former president bill clinton making. >> obviously bill clinton gets it. >> bill clinton's remarks. >> even bill clinton came out for it, before he was against it. >> yesterday, president clinton seemed to agree. arguing we should act now. not after the elections, to avoid the fiscal cliff. >> well, i happen to think president clinton right on the money. isn't it time to fix the fiscal tax cliff, get business some certainty, and stave off recession? here now, house members peter welch, democrat from vermont. and nan hayworth from new york. by the way, at this point, half the major opinion makers in the democratic party agree with the getting rid of the tax cliff and disagree with their own president, peter. >> well, there was picking and choosing among the republican leaders delighted to hear tax cut on president clinton's lips. he clarified that, number one. number two, i think what we need to do is what preside
talking about fixing the fiscal cliff. they created a firestorm on capitol hill. take a listen. >> i would make the same argument. the same argument that former president bill clinton making. >> obviously bill clinton gets it. >> bill clinton's remarks. >> even bill clinton came out for it, before he was against it. >> yesterday, president clinton seemed to agree. arguing we should act now. not after the elections, to avoid the fiscal cliff. >> well, i happen...
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Sep 21, 2012
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tonight we're getting hard numbers on what falling off the fiscal cliff could mean and what it could cost the markets, 20%, at the very least. so how is congress going about it? earlier today the house went into recess until after the election and the senate wraps up tonight and we'll look at washington at work or not, but first up, after months of resisting and saying he's done what's required, mitt romney put out a friday surprise and released his 2011 tax return and nbc's john harwood joins us. >> reporter: good evening, joe. mitt romney promised when he released preliminary estimates that he would release these returns before the election and now he's done it. he actually reported lesser income than he estimated earlier in the year and he said his 2011 income would be $21 million and he said instead it's a little over $13 million. he said that his effective tax rate would be 15% and it's actually 14%, but as you mentioned, he kept it at that level only by claiming a little over half of the $4 million that he gave to charity as a deduction. his aid said the reason he did that is b
tonight we're getting hard numbers on what falling off the fiscal cliff could mean and what it could cost the markets, 20%, at the very least. so how is congress going about it? earlier today the house went into recess until after the election and the senate wraps up tonight and we'll look at washington at work or not, but first up, after months of resisting and saying he's done what's required, mitt romney put out a friday surprise and released his 2011 tax return and nbc's john harwood joins...
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Nov 17, 2012
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first up, with the fiscal cliff only 45 short days away, are we facing a stalemate or is there a new kissy huggy era coming to washington, d.c.? we've got two kissy huggy cnbc contributors. jared bernstein, former vice president, biden chief economist, and kissy huggy jim pethokoukis of the american enterprise institute. jimmy p., i love this new washington picture. and i don't want to be pessimistic. i want to be optimistic. maybe they can make a deal. but here's what i worry about, jimmy. here's what i fear. the republicans are conceding that they'll give a revenue -- a tax revenue portion by limiting deductions. but i don't see any spending cuts. the sequester has been called off. mr. boehner would like a down payment on entitlements. i don't see that happening. to me remember it used to be 3-1 or 4-1 spending cuts to revenue increases. right now it looks to me like it's 10-1. 10-0. $10 of revenue hikes and no spending cuts, jimmy pethokoukis. >> i think what we're going to get at the end of the day, you're going to get a lot of tax increases, and then you're going to get a lot of
first up, with the fiscal cliff only 45 short days away, are we facing a stalemate or is there a new kissy huggy era coming to washington, d.c.? we've got two kissy huggy cnbc contributors. jared bernstein, former vice president, biden chief economist, and kissy huggy jim pethokoukis of the american enterprise institute. jimmy p., i love this new washington picture. and i don't want to be pessimistic. i want to be optimistic. maybe they can make a deal. but here's what i worry about, jimmy....
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Dec 28, 2012
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we're talking about the fiscal cliff. >> it hasn't got ensigned into law. there's no success yet there. >> boehner should move it tomorrow. he should just do that. >> jonathan? >> listen, the president campaigned on a three to one spending reduction and we're not see anything spending here. democrats controlled two-thirds of the chips. >> joy ann, why is this all about taxes? >> one reelection and the -- it doesn't do that much spending. >> it's been all about taxes. >> all about raising taxes. >> there's this obsession with raising taxes. >> it was to go after school lunches and elderly care, health care for poor kids and increased spending. >> no, no, no, they want entitlement reform, joy ann. why this obsession with cutting old people's medicare? >> it's not an obsession about cutting benefits to the elderly, joy ann. it's about reforming medicare over time so at some point in the future we don't tell an 80-year-old you know what? you're not going get the medicare cha you thought you would have. this is about not hurting the elderly. >> the republican so
we're talking about the fiscal cliff. >> it hasn't got ensigned into law. there's no success yet there. >> boehner should move it tomorrow. he should just do that. >> jonathan? >> listen, the president campaigned on a three to one spending reduction and we're not see anything spending here. democrats controlled two-thirds of the chips. >> joy ann, why is this all about taxes? >> one reelection and the -- it doesn't do that much spending. >> it's been...
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Nov 15, 2012
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i mean, we're at the edge of a fiscal cliff. and i think the most important thing, larry, is that we enact policies that will improve economic growth. economic growth for the last four years has been stagnant at 1.5%. we've got to get jobs back, entrepreneurs back, and any policies that hurt growth i think are a bad idea. >> you know, one of the things, before we move on, big story in "the wall street journal" today. obama wants -- if i get this right -- a $1.6 trillion tax increase over the next ten years. $1.6 trillion. that's twice as much as the negotiated deal a year ago with john boehner. you think that's pro-growth? how does that stack up? >> look, i think unfortunately the president has taken this election as a mandate to go further down the road we're on. in four years, we've seen higher and higher spending, debt, taxes and regulations. and it hadn't worked. 23 million people are out of a job. and there is a proven path to turning this country around. over and over again, if you want growth, it's not complicated. >> all
i mean, we're at the edge of a fiscal cliff. and i think the most important thing, larry, is that we enact policies that will improve economic growth. economic growth for the last four years has been stagnant at 1.5%. we've got to get jobs back, entrepreneurs back, and any policies that hurt growth i think are a bad idea. >> you know, one of the things, before we move on, big story in "the wall street journal" today. obama wants -- if i get this right -- a $1.6 trillion tax...
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Nov 10, 2012
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do i hear the foundation for some fiscal cliff common ground? we're going to explore the politics of this. here now is matt miller, and steve malinga and tony fratto who is a former bush 42 white house press secretary. mr. press secretary, i want to go to you first. you look at this, it's sort of hard to understand, and it's a good victory for president obama and the democrats picked up seats in the house -- in the senate and the republicans are now in the house, but there seems to be this common ground compromise coming. politically, why do you suppose that is? >> well, look, because we have divided government, we are going have to have some agreement on a way forward, but i don't think it's an agreement where republicans need to abandon their principles here, larry. my view on mandates is if you have to argue that you have one, you don't. they're pretty obvious. when johnson had a mandate and reagan had a mandate. we thought we had a mandate after 2004 and we were proven wrong. i can tell you from experience, democrats who by the way, were in
do i hear the foundation for some fiscal cliff common ground? we're going to explore the politics of this. here now is matt miller, and steve malinga and tony fratto who is a former bush 42 white house press secretary. mr. press secretary, i want to go to you first. you look at this, it's sort of hard to understand, and it's a good victory for president obama and the democrats picked up seats in the house -- in the senate and the republicans are now in the house, but there seems to be this...
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Dec 11, 2012
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we are monitoring fiscal cliff talks. it's been radio silence from democrats and republicans in washington. they're sticking to preagreed upon talking points explaining that lines of communication are open. we don't know what it is speaker baner and barack obama are hashing out behind closed doors but more republicans are gravitating to the idea of compromising on a tax rate increase so long as they can get what they want for spending and entitlement cuts. listen. >> those rates are going up. we either act now to keep them from going up from as many people as possible or they will go up on everyone. that's a disaster. let's recognize reality, take care of as many people as we can. >> meanwhile, you're right. the president was in detroit where he continued his outside-inside game of running a campaign-style effort to jin up popular support for the fiscal cliff. because he was in michigan he took a whack at the proposed legislation -- the so-called right to work legislation. listen to the president. >> these so-called right
we are monitoring fiscal cliff talks. it's been radio silence from democrats and republicans in washington. they're sticking to preagreed upon talking points explaining that lines of communication are open. we don't know what it is speaker baner and barack obama are hashing out behind closed doors but more republicans are gravitating to the idea of compromising on a tax rate increase so long as they can get what they want for spending and entitlement cuts. listen. >> those rates are going...
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Oct 1, 2012
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this is a bad fiscal tax cliff. >> listen, i'm not a big fan of the temporary tax cuts. i believe in lowering rates, permane permanently, deeply, that gets them the worst behaviors, invest more, tax more. i'm worried now that not only are we going to have higher taxes but the president's going to look at what's going on in france, maybe the tax rate should be 75% instead of 40%. economic patriotism should be the economic patriotism act. it will be 75%. >> let's keep it on topic, we're talking about the payroll tax cult which was done to stimulate payroll and consumption. >> and did nothing. >> i'm sorry, i actually see growth in certain sectors. we started the show talking about how good manufacturing -- you can't have it both ways. >> this has been the two worst recovery years in the history of the united states of america. >> it's stopped contracting. if you believe, i don't, jimmy does, but if you believe the payroll tax cuts stimulate consumption, what are you going to do when it's gone? nancy pelosi was quoted in the "new york times" says she doesn't want to extend
this is a bad fiscal tax cliff. >> listen, i'm not a big fan of the temporary tax cuts. i believe in lowering rates, permane permanently, deeply, that gets them the worst behaviors, invest more, tax more. i'm worried now that not only are we going to have higher taxes but the president's going to look at what's going on in france, maybe the tax rate should be 75% instead of 40%. economic patriotism should be the economic patriotism act. it will be 75%. >> let's keep it on topic,...
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Nov 30, 2012
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that's why there isn't going to be a fiscal cliff. you've got tax hikes next year from obama care, 3.8% tax hike on all the investments, and capital gains going up, different going up, inheritance tax. we're taxing or capital, taxes our seed corn. how you will that affect all this? >> that means you don't get to your gdp, but you have good things going on in housing. if you look at the core logic numbers this past month, that's very encouraging. in the face of all this, we have four years highs in consumer confidence. to me there are pockets in the manufacturing sector that have siege a resurgence, construction, grid repair, a lot of these power energy management solutions, kind of making these more efficient, if you will. there are some areas that will do better next year. that's where you want to investivities let's put the fiscal cliff aside, because they are not going to let the tax cuts expire. i'm here, i've been in politics for a long time. they won't do it. where would you invest? you sound pretty optimistic. where would you i
that's why there isn't going to be a fiscal cliff. you've got tax hikes next year from obama care, 3.8% tax hike on all the investments, and capital gains going up, different going up, inheritance tax. we're taxing or capital, taxes our seed corn. how you will that affect all this? >> that means you don't get to your gdp, but you have good things going on in housing. if you look at the core logic numbers this past month, that's very encouraging. in the face of all this, we have four years...
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Mar 29, 2012
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i'm afraid that we face a fiscal cliff at the end of the year. higher marginal taxes. lower government spending. then we have this election. you dedicated a lot to obama in the first segment. my concern is that it is increasingly likely that democrats. regain the presidency, which is not marketed business friendly. that republicans will regain the house and possibly when the senate and that's gridlock that we don't need. we have to address our fiscal em balances. every minute that we waste. the deficit expands and expands. >> you're right about not doing the entitlement reform this that kind of mixed gridlock. but i want to know, the possibilities of the line-up you just suggested, republicans take the senate and the house, i'm not so sure obama's re-elected but that's your view. i think that they will prevent the bush tax cuts from being reversed. i just don't think they will take the risk on the economy. bernanke doesn't want them to take the risk on the economy. i agree with the physical risk on taxes. i just don't think it'll happen. >> as wise man once said, we sh
i'm afraid that we face a fiscal cliff at the end of the year. higher marginal taxes. lower government spending. then we have this election. you dedicated a lot to obama in the first segment. my concern is that it is increasingly likely that democrats. regain the presidency, which is not marketed business friendly. that republicans will regain the house and possibly when the senate and that's gridlock that we don't need. we have to address our fiscal em balances. every minute that we waste. the...
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Dec 29, 2012
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there's no deal, no new offer on the fiscal cliff crisis. president obama has just told the two senate leaders they should make the deal. the results immediately felt in the financial markets. look where the dow closed down 158 points when it became very clear nothing was happening and now take a look at where the numbers are in the after markets. we would open now down 315 points on the dow if we started trading now. down 315 points. we have much more on this throughout the rest of the program, but the market's very unhappy. we do have some good news to report tonight. looks like at least one cliff has been averted for the time being. the so-called container cliff. the union that represents dock workers and u.s. maritime lines came to an agreement today to extend their current contract for 30 days. this is a big relief now for the retail industry and consumers who were staring at real destruction again for the supply chain. here now is jonathan gold and he's vice president of supply chain and customs policy for the national retail federatio
there's no deal, no new offer on the fiscal cliff crisis. president obama has just told the two senate leaders they should make the deal. the results immediately felt in the financial markets. look where the dow closed down 158 points when it became very clear nothing was happening and now take a look at where the numbers are in the after markets. we would open now down 315 points on the dow if we started trading now. down 315 points. we have much more on this throughout the rest of the...
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Mar 19, 2012
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cruises towards a 2013 fiscal cliff. well, i sure agree tax hikes will sink the economy, but i think spending cuts would help confidence and economic growth. here now to make his case is an old friend of the show, alan blinder, distinguished professor of economics at princeton university. alan, as always, welcome back to the program. >> hello, larry. >> before i get to tax hikes, i gist want to ask you because i don't understand. i think spending cuts, spending restraint, limited government, across the board, cuts just what the doctor ordered for confidence and economic growth. why do you oppose them? >> well, it depends what "they" are. there are a lot of things we don't want to cut and things we should cut. back to you, how will you get members of congress to agree on the list? >> they've already got the list. you've got $30 billion scheduled for january alan, if we can't cut $40 billion, we'll never cut. >> we can and indeed we need to cut more than that going forward. i don't think there's any doubt about that. >> wh
cruises towards a 2013 fiscal cliff. well, i sure agree tax hikes will sink the economy, but i think spending cuts would help confidence and economic growth. here now to make his case is an old friend of the show, alan blinder, distinguished professor of economics at princeton university. alan, as always, welcome back to the program. >> hello, larry. >> before i get to tax hikes, i gist want to ask you because i don't understand. i think spending cuts, spending restraint, limited...
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stocks fall further, i think, on fiscal cliff woes. question here is, are market vigilantes trying to force a fiscal deal? t.j. rogers, the great ceo of cyprus semiconductor will talk to us. >>> and a romney voter writes to obama asking for bipartisan progress and is shocked when the president reads his lel at yesterday's press conference. that letter writer is going to join us here live. don't forget, folks, as always, free market capitalism, it's the best way to prosperity. i'm kudlow. "the kudlow report" is coming right back. [ female announcer ] want to spend less and retire with more? then don't get nickle and dimed by high cost investments and annoying account fees. at e-trade, our free easy-to-use online tools and experienced retirement specialists can help you build a personalized plan. and with our no annual fee iras and a wide range of low cost investments, you can execute the plan you want at a low cost. so meet with us, or go to etrade.com for a great retirement plan with low cost investments. ♪ >>> the stock market sello
stocks fall further, i think, on fiscal cliff woes. question here is, are market vigilantes trying to force a fiscal deal? t.j. rogers, the great ceo of cyprus semiconductor will talk to us. >>> and a romney voter writes to obama asking for bipartisan progress and is shocked when the president reads his lel at yesterday's press conference. that letter writer is going to join us here live. don't forget, folks, as always, free market capitalism, it's the best way to prosperity. i'm...
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we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for them and the economy. robert frank will join us with some very arresting numbers. high tax, fewer millionaires. not good. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >>> 28 days until the country plummets off the tax and fiscal cliff. big tax hikes could be coming for everyone but we see als
we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for them and the economy. robert frank will join us with some very arresting numbers. high tax, fewer millionaires. not good. two years ago, the people of bp made a commitment to the...